An Auction can be Forward or Reverse. | Forward Auction | Buyers compete to obtain goods or services by offering increasingly higher prices. |
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| Reverse Auction | The suppliers compete to obtain business from the buyer and prices will typically decrease as the suppliers underbid each other. |
Type of Auctions | English Auction | Type of auction wherein the bidding price is raised until only one bidder remains. |
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| Dutch Auction | Type of auction wherein the party conducting the auction begins with a price which changes (either increased/decreased). | | Japanese Auction | Type of auction where an initial price is set and made known to all attendees. Who is interested in selling the item at the displayed price they enter the auction arena and express their consent to the displayed price. |
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